Banii şi creşterea economică mondială. Sistemul monetar internaţional este extrem de fragil[Money and the World Economic Growth. Extremely Fragile International Monetary System]

The paper is focusing on the world financial framework deterioration, as an adverse cost of the accelerated globalization of international goods & capital flows. The inclining of world monetary axis towards East by the accumulation of huge international reserves (in a few Asian countries) in contrast with the fast increase in Western twin deficits (mainly in the USA and more recently in the EU) is likely to become irreversible. The current discussion around the roots of financial global imbalances rather seems a war of words instead of a responsible debate trying to find the appropriate correction. If the world does not prove resiliency counteracting this major threat, sooner or later will face the risk of entering a financial turmoil, with rapid contagion effects at the global scale, including Romania.